As software continues to eat the world, end-users are increasingly using the plethora of authentication and authorization (AA) services for social media, banking, healthcare, pensions, childcare, home automation, and almost everything that is considered part of modern life.
With remote working becoming the norm, end-users also use AA services for accessing various corporate resources. In this increasingly ‘smart’ world, many IoT devices also avail of these AA services without any human interaction.
The AA services could be cloud-based or on-premise and are provided by a multitude of providers. At the other end of the chain are organizations that use the AA services to drive their business or digital transformation initiates.
We highlight the need for improved AA services using the market opportunities in Fraud Detection and Prevention (FDP) and Data Breach Reduction, which are just two sub-categories of the vast security landscape.
As the adoption of digital services grows, so do the chances of malicious actors gaining access to the resources they are not authorized to. Unauthorized access could result in identity thefts and financial fraud. Just in the Banking, Financial Services, and Insurance (BFSI) sector, the Fraud Detection, and Prevention market is expected to be worth $75 billion by 2028. There is clearly a need for ever improved AA services to enhance security and reduce online fraud. To detect and prevent these frauds, it would be hugely important to know where the transactions are being carried out from in a reliable way.
In its 2021 Cost of Data Breach Report, IBM Security reports that data breaches cost, on average, $4.24 million dollars and took an average of 280 days to detect and contain. Customersโ personally identifiable information (PII) was the most frequently compromised type of data, and the costliest at about $150 per record. Authorizing the data access based on the location of access in a device independent way would help in reducing data breaches.
With market opportunities so big in just the two areas mentioned above, could there be a role for mobile operators to leverage their networks and grab a share of the security pie?
The answer is an emphatic Yes! 5G has functions such as NEF (Network Exposure Function) that expose the vast capabilities of Mobile Networks using standardized APIs. It allows mobile operators and private network operators to provide new services and monetize their networks.
Spry Fox Networks have developed a multi-layered solution to solve the security challenges mentioned above. The complete solution consists of three different components as explained here.
QP-NEF
QP-NEF, Quantum Path Network Exposure Function, is the Network Exposure Function developed by Spry Fox Networks. It provides 3GPP defined as well as use-case-based custom APIs for application functions.
QP-Cloud Monet
QP (Quantum Path) Cloud Monet is a SaaS platform that leverages NEFs (such as QP-NEF) and other Network Functions deployed within multiple operatorsโ networks. It works as an API Gateway that enables the MONETization of MObile NETworks.
It provides APIs for various use-cases such as location authorization, quality of service, battery optimization, and many more. These APIs are used by different customers across verticals such as Fintech, IoT, Healthcare, etc.
QP-LOKA
QP-LOKA, Quantum Path Location Authorization, is a solution consisting of APIs provided by QP-Cloud Monet that is specifically designed to provide Location Authorization Service.
QP-Cloud Monet in turn uses APIs provided by QP-NEF. With the help of QP-LOKA, customers can ensure that the resources are only allowed to be consumed from the right location. QP-LOKA is privacy-aware, device-independent, and more reliable than other location authorization mechanisms.
It can be used as an additional authorization factor, for example, on top of password-less mechanisms such as FIDO for various purposes such as access control, non-repudiation, etc.
By deploying QP-LOKA, customers can significantly enhance their Fraud Detection and Prevention capabilities for financial transactions and also see a reduction in Data Breaches.
If you are a mobile operator, service provider, enterprise, or vendor, please reach out to us (www.spryfoxnetworks.com) for demonstrations or trials.
